Raymond Furey
Executive Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary at 
RIGEL PHARMACEUTICALS
RIGEL PHARMACEUTICALSExecutive
About Raymond Furey
Raymond J. Furey, age 57, is Executive Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary of Rigel Pharmaceuticals (RIGL). He was appointed EVP, General Counsel and Corporate Secretary in December 2022 and assumed the Chief Compliance Officer title in August 2023. He holds a BA from Trinity College Dublin, an MBA from San Francisco State University, and a J.D. from Fordham University School of Law . During his tenure, Rigel delivered record total revenue of $179.3M in 2024 (vs. $116.9M in 2023), achieved its first full-year net income of $17.5M, and posted company TSR of 78.60 on the SEC-defined scale, with positive adjusted EBITDA performance noted by management .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Turning Point Therapeutics | SVP, Chief Compliance Officer; Interim General Counsel | Mar 2021–Aug 2022 (CCO); 2022 (Interim GC) | Led compliance and interim legal leadership in commercial-stage oncology; strengthened compliance frameworks |
| Ara Pharmaceuticals | Chief Operating Officer | Sep 2020–Mar 2021 | Operational leadership in small biopharma; scaled processes pre-commercial |
| Portola Pharmaceuticals | SVP, Chief Compliance Officer | Aug 2017–Sep 2020 | Built and managed compliance in hematology/thrombosis portfolio; supported commercialization |
| Mallinckrodt/Questor Pharmaceuticals | Senior roles | Not disclosed | Senior legal/compliance roles supporting specialty pharma operations |
| OSI Pharmaceuticals | Corporate Compliance Officer | Not disclosed | Oversaw corporate compliance in oncology-focused organization |
| Genentech | Various positions | Not disclosed | Held roles in major biopharma; foundational experience in legal/compliance |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $440,000 | $462,000 |
| Target Bonus (%) | 50% (unchanged YoY) | 50% |
| Actual Bonus Paid ($) | $212,300 | $255,255 |
| RSU Grant Date Fair Value ($) | — | $265,430 |
| Option Grant Date Fair Value ($) | — | $307,500 |
Performance Compensation
2024 Annual Cash Incentive Plan (corporate metrics and attainment)
| Metric | Weight | Target | Actual/Outcome | Payout Impact |
|---|---|---|---|---|
| Grow US sales | 40% | ≥$138.0M combined US net product sales | Achieved $144.9M; TAVALISSE $104.8M (+12% YoY), REZLIDHIA $23.0M (+118% YoY), GAVRETO $17.1M (launched June 27, 2024) | Contributed to above-target payout; corporate payout factor component |
| Expand pipeline | 30% | R289 Phase 1b progression; out-licenses; collaborations; in-license/acquisition; trial enrollments | Achieved multiple milestones: acquired U.S. rights to GAVRETO (Feb 2024), progressed R289 with ASH data; out-licensed olutasidenib (Kissei $10M upfront, Dr. Reddy’s $4M upfront); MD Anderson/CONNECT trials opened | Exceeded full attainment for metric |
| Financial | 30% | Operating expenses within budget; positive adjusted EBITDA | Achieved income from operations of $24.2M; positive adjusted EBITDA; ended 2024 with $77.3M cash/short-term investments | Overachieved metric |
| Corporate payout factor | — | 100% | 115% based on aggregate achievements | 115% |
| Non-CEO NEO weighting | — | 70% corporate / 30% individual | Individual performance 100% for Furey; corporate 115% | Actual bonus $255,255 |
2024 Long-Term Incentives (granted January 23, 2024 unless noted)
| Award Type | Quantity | Vesting | Strike/Term | Purpose/Metric |
|---|---|---|---|---|
| Time-based stock options | 15,700 | 36 equal monthly installments from Jan 23, 2024 | $12.70; expires Jan 24, 2034 | Retention and long-term alignment |
| Performance-based stock options | 15,700 | Vest upon achieving performance goals any time before expiration | $12.70; expires Jan 24, 2034 | Two metrics: trailing 12-month net product sales target (50%); significant corporate development milestone such as in-license/acquisition with registrational data (50%) |
| RSUs | 20,900 | Vest annually over 3 years; first vest Feb 1, 2025 | n/a | Time-based equity to balance risk |
| Prior performance option vesting in 2024 | 17,225 | Vested upon completing acquisition of GAVRETO (Feb 2024) | $9.00 (Dec 8, 2022 grant) | Achieved corporate development milestone |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (Jan 31, 2025) | 76,695 shares; includes 35,078 stock options exercisable within 60 days; <1% of shares outstanding |
| Outstanding awards (selected) | Options granted 12/8/22: 9,757 exercisable / 8,993 unexercisable at $9.00 (expires 12/8/32); Options granted 1/23/24: time-vest monthly over 36 months; RSUs from 1/23/24 vest annually over 3 years with first vest 2/1/2025 |
| Hedging/pledging | Company policy prohibits hedging, margin accounts, and pledging by employees/directors |
| Clawback | Incentive Compensation Recoupment Policy adopted Aug 10, 2023; recovers excess incentive comp after a required financial restatement over prior 3 fiscal years; awards subject to recoupment |
| Ownership guidelines | Not disclosed for executives; director equity program disclosed separately |
Employment Terms
- Appointment: EVP, General Counsel & Corporate Secretary (Dec 2022); EVP, General Counsel, Chief Compliance Officer & Corporate Secretary (Aug 2023) .
- Offer Letter: Describes initial base salary, target bonus, initial equity, severance eligibility; specific terms not disclosed in proxy for Furey .
Severance & Change-of-Control Economics (Executive Severance Plan)
| Scenario | Cash Severance | COBRA | Equity Treatment | Option Exercise Extension |
|---|---|---|---|---|
| Non-COC Qualifying Termination (Good Reason/Without Cause) | 12 months base salary (for EVP roles) | Employer portion for up to Severance Period | Accelerate time-based awards due to vest during Severance Period; extend performance-award measurement window to 24 months for non-CEO NEOs | Extend up to 24 months, subject to original expiration |
| COC Qualifying Termination (within 18 months post-CoC) | Lump sum equal to 2.5× (Base Salary + Eligible Bonus) for EVPs | Employer portion up to 18 months | Accelerate all compensatory equity awards outstanding | Extend up to 1 year, subject to original expiration |
Potential Payments (as of Dec 31, 2024; illustrative per proxy)
| Scenario | Health Care Benefits ($) | Salary and Bonus ($) | Equity Acceleration ($) |
|---|---|---|---|
| COC Qualifying Termination (Furey) | $75,608 | $1,732,500 | $572,442 |
| Non-COC Qualifying Termination (Furey) | $50,405 | $462,000 | $280,976 |
Performance & Track Record (Company-level during Furey’s tenure)
- 2024 business outcomes: Record net product sales $144.9M; total revenue $179.3M; income from operations $24.2M; first full-year net income $17.5M; positive adjusted EBITDA .
- Strategic transactions: Acquired U.S. rights to GAVRETO (launched June 27, 2024); olutasidenib out-licenses (Kissei $10.0M upfront; Dr. Reddy’s $4.0M upfront); expanded MD Anderson and CONNECT collaborations; R289 Fast Track and Orphan Drug designations .
- Pay-versus-performance context: CAP metrics disclosed; company TSR (SEC scale) at 78.60 in 2024 vs 67.76 in 2023; revenues rose from $116.9M (2023) to $179.3M (2024); net income moved from $(25.1)M (2023) to $17.5M (2024) .
Compensation Structure Analysis
- Mix and risk: For non-CEO NEOs, 2024 target mix emphasized variable pay (62% variable) via annual cash tied to corporate/individual goals and balanced RSU/options; no material perquisites; no dividends on unearned equity; no change-in-control tax gross-ups .
- Shift to balanced equity: Use of both RSUs (50% of non-CEO NEO LTIs) and options (50%) indicates balanced risk-sharing vs. options-only models; performance options tied to sales and corporate development milestones align with value creation .
- Governance safeguards: No option repricing without stockholder approval; clawback policy; double-trigger equity vesting under change-in-control; director compensation caps .
Related Party Transactions
- None above $120,000 involving executives/directors since Jan 1, 2024, other than standard compensation arrangements disclosed .
Say-on-Pay & Shareholder Feedback
- 2024 say-on-pay approval ~74%; company conducted targeted outreach to ~52% of outstanding shares, received constructive feedback, and enhanced disclosures (e.g., performance stock option criteria) .
Investment Implications
- Alignment: Furey’s incentives are materially tied to commercial execution and corporate development via performance stock options and annual bonus metrics; anti-hedging/anti-pledging and clawback policies further align interests with shareholders .
- Retention risk: The Severance Plan provides robust protections (EVP 2.5× under double-trigger CoC; equity acceleration) that mitigate turnover risk but may increase transaction costs in M&A scenarios . Upcoming RSU vests (Feb 1 annually through 2027) and monthly option vesting create periodic liquidity windows that can modestly elevate insider selling pressure around vest dates .
- Execution signals: The vesting of 17,225 performance options tied to the GAVRETO acquisition and strong 2024 sales/financial outcomes indicate management delivered on value-creation milestones; bonus payout above target (115% corporate) reinforces performance linkage .
- Governance quality: Pay practices reflect discipline (no repricing, no tax gross-ups, no dividends on unearned equity), but 2024 say-on-pay at ~74% suggests investors will monitor ongoing equity usage and performance-calibration closely .